Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds!

[Wiwo]

This is just the same experience I had last year during Qatar 2022 world cup, the game between Argentina and Saudi Arabia is where I learnt the hard way never to be over confident in a team when placing a bet..
I went all in on Argentina to win that match, but unfortunately, they ended up loosing, I lost all my money, a few thousands of dollars, Infact, if I had millions, I would have probably lost it all because I probably would have betted everything to increase my winning amount.

Argentina vs Saudi Arabia match in the Qatar 2022 was a game that really humbled many football speculators, many bets were destroyed by that single game as all odds connected to Argentina winning Saudi but the outcome of the match was in favour of the least expected team Saudi Arabia, from then I learn a few lessons which are.
*Never to be too confident in any team since football is unpredictable and we should not judge by odds or previous performance or records.
*Double chance your bets if you have the funds to do so but most times you still end up losing if luck is not on your side.

[n0ne]

This is just the same experience I had last year during Qatar 2022 world cup, the game between Argentina and Saudi Arabia is where I learnt the hard way never to be over confident in a team when placing a bet..
I went all in on Argentina to win that match, but unfortunately, they ended up loosing, I lost all my money, a few thousands of dollars, Infact, if I had millions, I would have probably lost it all because I probably would have betted everything to increase my winning amount.

Argentina vs Saudi Arabia match in the Qatar 2022 was a game that really humbled many football speculators, many bets were destroyed by that single game as all odds connected to Argentina winning Saudi but the outcome of the match was in favour of the least expected team Saudi Arabia, from then I learn a few lessons which are.
*Never to be too confident in any team since football is unpredictable and we should not judge by odds or previous performance or records.
*Double chance your bets if you have the funds to do so but most times you still end up losing if luck is not on your side.

Whether it is sports betting or casinos, we don't know the outcome. We predict the outcome and go for it. What happened in FIFA World Cup Matches is true example. It is really hard to accept, so when we go for a prediction it is good to go with the better odds than just going for mere profit risking huge volume of money.

[Hamphser]

This is just the same experience I had last year during Qatar 2022 world cup, the game between Argentina and Saudi Arabia is where I learnt the hard way never to be over confident in a team when placing a bet..
I went all in on Argentina to win that match, but unfortunately, they ended up loosing, I lost all my money, a few thousands of dollars, Infact, if I had millions, I would have probably lost it all because I probably would have betted everything to increase my winning amount.

Argentina vs Saudi Arabia match in the Qatar 2022 was a game that really humbled many football speculators, many bets were destroyed by that single game as all odds connected to Argentina winning Saudi but the outcome of the match was in favour of the least expected team Saudi Arabia, from then I learn a few lessons which are.
*Never to be too confident in any team since football is unpredictable and we should not judge by odds or previous performance or records.
*Double chance your bets if you have the funds to do so but most times you still end up losing if luck is not on your side.

This isnt only limited to football/soccer but also in other sports as well on which upsets could really happen on where underdogs beating up a powerhouse team on which this isnt something new that happen on

sports world.This is why whenever you do make out bets then dont really be having that 100% confidence for you to win up a particular bet.Losing odds or chances is still there as long it doesnt goes to 0%
which we do know that its impossible.
Lots of people been talking about this guy who bet up a million for this kind of match which i couldn't blame him off with and its true that lots had lost that one sided game which we do know.
We arent that dumb not to make those huge gaps and differences in between which is really that obvious but it turns out to be opposite.

[Wiwo]

Snip~

()

Whether it is sports betting or casinos, we don't know the outcome. We predict the outcome and go for it. What happened in FIFA World Cup Matches is true example. It is really hard to accept, so when we go for a prediction it is good to go with the better odds than just going for mere profit risking hugea  volume of money.

Odds can be misleading sometimes, and relying on odds to make your prediction is the fastest way to bankruptcy on football betting, casino houses are aware of the high depends on odds by gamblers and that is why the casino always play around with the odds as to divert gamblers attention into choosing the wrong clubs.
*some times clubs with low odds also lose and the club with high odds may win, that is the major reason why football betting is a game of luck with little chance of speculating with the help of analyses to point to the direction match will go.

[babygun]

Anything more than 1.98x is more risky for me. I have seen many people losing their bets at 1.99x.
I think 1.98x is still safer. Anything less than 1.10 is a lot riskier. You are basically going all in for just a mere 10% profit which is insane.
Just to make a 2x gain you will have to place 6-8 bets considering you are compounding your bets.
So the ideal range for me is between 1.3x to 1.98x. I generally place all my bets inbetween this range.

Personally I find odds of 1.3 still too low to place bets on. My minimum odd is normally around 1.5 to 1.6. If you find a good value bet and the odd is like 2.3 or 2.5, than I still place a bet on it but just lower my betsize. i I guess everybody has like its own odds range where he will place bets on.

[AicecreaME]

https://nypost.com/2023/01/15/gambler-loses-massive-1-4-million-bet-on-chargers-jaguars-game/

One bettor wasted a massive $1.4 million wager after betting on Los Angeles before the Jaguars mounted an epic comeback to beat the Chargers 31-30, according to Action Network’s Darren Rovell.

It seems that a gambler has loss this massive amount (1.4 million USD) playing a bet with an odds lower than 1.01! (exactly 1.008)

I think there are several lessons here:
- there is not easy bet! even lower odds there is always a risk.
- it's really risky playing an huge amount. This not helps gambler because the risk is much much higher then rewards!
- gambling is not easy at all! it's really hard achieve a profit even for easy games!

what your opinion about this gambling issue? did you had experience similar experience? how a good gambler should avoid such mistakes?

I have lost some of my money in gambling way back. It was due to me being careless, not analyzing the situation and then everything else followed. It was an amount that I can't say I totally afford to lose which made it a learning lesson and experience to look back to today. It was hard accepting that the hard-earned money was gone in a snap, but I guess we all make mistakes. Although right now, I can say that I'm more financial literate and I still have a lot to learn.

With this, I can say that it's not really a good idea to bet and risk an amount you can't really let go and shrug off if things go haywire. A person must only risk what he can afford to lose to avoid deep regrets and resentment towards oneself. Betting with limitations is a must too. Someone should know when to stop to avoid accumulation of funds spent in gambling. Specific fund allocation could be an effective way to lessen the betting amount as long as you can adhere to it.

[mitchr4]

For me, there is always a little possibility of losing a bet, whatever of how high the chance of winning is. I once had that feeling, when picking a team with low odds for an NBA bet. Hoping the bet will be easy to win, but the results tell otherwise.

[bettercrypto]

<snip>

Personally I don't think it's a bad decision. I had this similar strategy before (of course with extremely lower amount than what has been mentioned in the OP). This strat worked for me. I barely lose any round from those bets.
I would say that this time, he got very unlucky. Above all, this is gambling regardless of how little the odds of losing, you can still lose. I hope that bettor was aware of the risk.

This method may be effective, but the risk that a bettor can face in this situation is also very high. But as you said, luck didn't agree with him that time, we just don't know if the bettor regretted it, it could be yes or no.

And it seems that there is no regret from the bettor who did that because from the beginning he already accepted the advantage and disadvantage of his chosen decision.

[btc78]

For me, there is always a little possibility of losing a bet, whatever of how high the chance of winning is. I once had that feeling, when picking a team with low odds for an NBA bet. Hoping the bet will be easy to win, but the results tell otherwise.

indeed and that is why up to now? after reading this thread several times now?
yet thinking what comes to His mind betting that High with that stupid Pdd, 1.01? lol i will not even bet 1 million in 5% odds .
this is a lesson need to be learned the hard way and losing million bucks is truly a life changing event.
Maybe his life changes now to wahtever it brings him after losing

[BobK71]

This is just the same experience I had last year during Qatar 2022 world cup, the game between Argentina and Saudi Arabia is where I learnt the hard way never to be over confident in a team when placing a bet..
I went all in on Argentina to win that match, but unfortunately, they ended up loosing, I lost all my money, a few thousands of dollars, Infact, if I had millions, I would have probably lost it all because I probably would have betted everything to increase my winning amount.

Argentina vs Saudi Arabia match in the Qatar 2022 was a game that really humbled many football speculators, many bets were destroyed by that single game as all odds connected to Argentina winning Saudi but the outcome of the match was in favour of the least expected team Saudi Arabia, from then I learn a few lessons which are.
*Never to be too confident in any team since football is unpredictable and we should not judge by odds or previous performance or records.
*Double chance your bets if you have the funds to do so but most times you still end up losing if luck is not on your side.

Whether it is sports betting or casinos, we don't know the outcome. We predict the outcome and go for it. What happened in FIFA World Cup Matches is true example. It is really hard to accept, so when we go for a prediction it is good to go with the better odds than just going for mere profit risking huge volume of money.

Both loss and gain are part of gambling. So i think it is not right to choose any betting odds that have 99 percent win rate. Because sometimes 1 percent will be able to take everything away from a gambler. Better to manage gambling with risk. Maybe there someone can lose a certain amount but be aware of that loss and will not cause any major disaster. I deserve a gambler should have minimum betting odds 1.2 or more.

[maydna]

And these rich people really know how to use gambling to get entertainment and can also spend their time well. Rich people will play with other rich people, and from there, they can get new business partners that they can invite to build a business again. While most people gamble to make money, rich people gamble to get business opportunities from their other partners.

Indeed, some rich people use gambling as a means for them to meet and get a business partner, but only a few and not all of them are like that.
There are also rich people who gamble with the aim of being able to make a profit and multiply their money.
However, from some of my experience while in the world of gambling, it is true that people who have excess wealth will use gambling as a field to be able to multiply their money and enrich themselves. In fact, almost every time they have time to gamble, they will continue to gamble until they really get what they have. they want.

These rich people will have their own goals for why they use gambling. And if meeting and finding business partners can get them a new project or deal, they will use it with other business partners. But if those rich people use gambling to multiply their wealth by playing many gambling games, it would not be advisable because, after all, gambling games will eat up their wealth until nothing is left. They had better find other ways to double their wealth. Only a few people can enrich themselves by gambling, while others will only lose a lot.

[delfastTions]

https://nypost.com/2023/01/15/gambler-loses-massive-1-4-million-bet-on-chargers-jaguars-game/

One bettor wasted a massive $1.4 million wager after betting on Los Angeles before the Jaguars mounted an epic comeback to beat the Chargers 31-30, according to Action Network’s Darren Rovell.

It seems that a gambler has loss this massive amount (1.4 million USD) playing a bet with an odds lower than 1.01! (exactly 1.008)

I think there are several lessons here:
- there is not easy bet! even lower odds there is always a risk.
- it's really risky playing an huge amount. This not helps gambler because the risk is much much higher then rewards!
- gambling is not easy at all! it's really hard achieve a profit even for easy games!

what your opinion about this gambling issue? did you had experience similar experience? how a good gambler should avoid such mistakes?

I have lost some of my money in gambling way back. It was due to me being careless, not analyzing the situation and then everything else followed. It was an amount that I can't say I totally afford to lose which made it a learning lesson and experience to look back to today. It was hard accepting that the hard-earned money was gone in a snap, but I guess we all make mistakes. Although right now, I can say that I'm more financial literate and I still have a lot to learn.

With this, I can say that it's not really a good idea to bet and risk an amount you can't really let go and shrug off if things go haywire. A person must only risk what he can afford to lose to avoid deep regrets and resentment towards oneself. Betting with limitations is a must too. Someone should know when to stop to avoid accumulation of funds spent in gambling. Specific fund allocation could be an effective way to lessen the betting amount as long as you can adhere to it.

Totally agree with you on that! Gambling should be seen only as a recreational activity, not as a means to make money. Avoid gambling with money you can't afford to lose by setting reasonable spending boundaries. That you were able to gain financial knowledge as a result of your mistakes is really encouraging.

Setting aside a certain amount of money for gambling before you start is another way to prevent yourself from getting carried away. By setting aside a certain amount each week, you may better control your spending and avoid dipping into other accounts. Also useful is not chasing your losses and having a firm grasp of the game's rules and techniques. Playing the odds should always be a pleasant and sensible pastime.

I can hardly imagine that such a huge amount can be regarded as paying for a lesson on how to be careful, attentive and prudent when gambling. Of course, if this person is a billionaire, this was probably the amount that he could afford to lose. But for all the normal people in the world, this is still too much. It would be better if he immediately gave that kind of money to some sort of charitable foundation. Of course, I condemn people who allow themselves to lose at one time the amount on which some can live comfortably all their lives. There is something disgusting and ugly about it. But of course, here we are all discussing this case, and not only probably in BTT, but also on other forums, and only this is probably the moral satisfaction for such a player.
But after all, many people will simply consider him a fool somehow. And they will still condemn and react negatively to such a shocking act.

[Botnake]

He was too greedy, thinking he'll make easy money but in reality, there's no guaranteed win in gambling even if the odds is very low. Most of the time the odds would win, he was just unlucky the timing is against him. LOL.  IMO, it's better to take it slowly than bet a huge amount for a small profit, the game here is to win consistently, and if we can do that, we will be profitable in the long run.

[Peanutswar]

Anything more than 1.98x is more risky for me. I have seen many people losing their bets at 1.99x.
I think 1.98x is still safer. Anything less than 1.10 is a lot riskier. You are basically going all in for just a mere 10% profit which is insane.
Just to make a 2x gain you will have to place 6-8 bets considering you are compounding your bets.
So the ideal range for me is between 1.3x to 1.98x. I generally place all my bets inbetween this range.

Personally I find odds of 1.3 still too low to place bets on. My minimum odd is normally around 1.5 to 1.6. If you find a good value bet and the odd is like 2.3 or 2.5, than I still place a bet on it but just lower my betsize. i I guess everybody has like its own odds range where he will place bets on.

This game is a sports game anything can happen and make the tables turn that's why people keep love making a bet with this game, no matter what amount you bet at the end of the day its an all-or-nothing phase, if you win the game you got the multiplier you bet in that's why some of the people wanting to use the gambling casino that has a good boost for the odds so have the higher chance to large the pool of amount they have. If you know already the game and you know the chance of winning with two teams already have a chance to get a profit grab the opportunity but again this is a sports game, one mistake can make a miracle and lose the team you bet in.

[ethereumhunter]

He was too greedy, thinking he'll make easy money but in reality, there's no guaranteed win in gambling even if the odds is very low. Most of the time the odds would win, he was just unlucky the timing is against him. LOL.  IMO, it's better to take it slowly than bet a huge amount for a small profit, the game here is to win consistently, and if we can do that, we will be profitable in the long run.

When a person becomes greedy, he will think he will make more money from gambling but the reality is the opposite. He would instead suffer a loss that would cause all of his money to run out, perhaps in no time. This also makes many people lose money at gambling; even if they wanted to recover their losses, they would only get additional losses. It might be better for him if he bets small or medium so he can enjoy the gamble and maybe he also has a chance to win some money.

[pawanjain]

The wise gambler will go for better odds like 1.5 or more, the best I have known lies in the range of 1.5 to 2 odds. Going for higher odds are risky while going for lower odds more than 1.2 is a way to lose your money in bank very soon because with low odds, you will want to use big amount of money to play bet and even if you win 5 or more times, 1 big loss will make you lose all you have won and your money. What the person will think later of is to add more money to bet again which he will lose again.

Correct, but I think @2.00-@2.50 odds is still quite safe and you can maximize your profit. Some people usually tend to choose parlay option by betting huge favorite team/fighter, so the odds will be high, rather than betting on single match where the odds is only @1.10 or less. As long as you know the sport has higher chance where the underdog pull an upset, you will make a lot money.

Anything more than 1.98x is more risky for me. I have seen many people losing their bets at 1.99x.
I think 1.98x is still safer. Anything less than 1.10 is a lot riskier. You are basically going all in for just a mere 10% profit which is insane.
Just to make a 2x gain you will have to place 6-8 bets considering you are compounding your bets.
So the ideal range for me is between 1.3x to 1.98x. I generally place all my bets inbetween this range.

For the 10% what OP have risked is very big. For this he should've spend 10% on the roll. Whether it brings win/loss is secondary, but he couldn't have experienced such a massive loss. As suggested, if 10% is spend atleast he could've tried to recover if the roll has lost. The above user's choice is good, and when it comes to gambling we should not think about the loss once it happened.

Lesson to learn is not to be overconfident with your chosen pick even the chance of winning is high, you are still inside gambling and losing is not impossible to happen.

This is just the same experience I had last year during Qatar 2022 world cup, the game between Argentina and Saudi Arabia is where I learnt the hard way never to be over confident in a team when placing a bet..
I went all in on Argentina to win that match, but unfortunately, they ended up loosing, I lost all my money, a few thousands of dollars, Infact, if I had millions, I would have probably lost it all because I probably would have betted everything so as to increase my winning amount.

Oh man, what a match it was. I won't judge you for going all in with Argentina because I would place a high bet too.
But yeah, I wouldn't have gone all in because I never do. Yet, the outcome was really shocking since Saudi Arabia won the match being an underdog.
We all have learnt our lessons the hard way and I guess this bet mentioned in OP is the hard lesson for that man.

[Cling18]

The wise gambler will go for better odds like 1.5 or more, the best I have known lies in the range of 1.5 to 2 odds. Going for higher odds are risky while going for lower odds more than 1.2 is a way to lose your money in bank very soon because with low odds, you will want to use big amount of money to play bet and even if you win 5 or more times, 1 big loss will make you lose all you have won and your money. What the person will think later of is to add more money to bet again which he will lose again.

Correct, but I think @2.00-@2.50 odds is still quite safe and you can maximize your profit. Some people usually tend to choose parlay option by betting huge favorite team/fighter, so the odds will be high, rather than betting on single match where the odds is only @1.10 or less. As long as you know the sport has higher chance where the underdog pull an upset, you will make a lot money.

Anything more than 1.98x is more risky for me. I have seen many people losing their bets at 1.99x.
I think 1.98x is still safer. Anything less than 1.10 is a lot riskier. You are basically going all in for just a mere 10% profit which is insane.
Just to make a 2x gain you will have to place 6-8 bets considering you are compounding your bets.
So the ideal range for me is between 1.3x to 1.98x. I generally place all my bets inbetween this range.

For the 10% what OP have risked is very big. For this he should've spend 10% on the roll. Whether it brings win/loss is secondary, but he couldn't have experienced such a massive loss. As suggested, if 10% is spend atleast he could've tried to recover if the roll has lost. The above user's choice is good, and when it comes to gambling we should not think about the loss once it happened.

Lesson to learn is not to be overconfident with your chosen pick even the chance of winning is high, you are still inside gambling and losing is not impossible to happen.

This is just the same experience I had last year during Qatar 2022 world cup, the game between Argentina and Saudi Arabia is where I learnt the hard way never to be over confident in a team when placing a bet..
I went all in on Argentina to win that match, but unfortunately, they ended up loosing, I lost all my money, a few thousands of dollars, Infact, if I had millions, I would have probably lost it all because I probably would have betted everything so as to increase my winning amount.

Oh man, what a match it was. I won't judge you for going all in with Argentina because I would place a high bet too.
But yeah, I wouldn't have gone all in because I never do. Yet, the outcome was really shocking since Saudi Arabia won the match being an underdog.
We all have learned our lessons the hard way and I guess this bet mentioned in OP is the hard lesson for that man.

I also had my bet on Argentina but I'm glad that I didn't bet too high. The result only reminds us that no matter how confident we are in our bets, unexpected things could still happen in the end. No matter how well we know the players' strengths, the result will always be unpredictable. Luck still applies even in sports betting. That's the reason why we should think well before deciding to bet all in.

[Outhue]

I don't want to believe that this person bet all he has on a game even if they are sure of it's out come, maybe this person is a Billionaire? You can't be struggling in life and using 1.4 million USD to gamble, if this person is not a billionaire then he is a victim of his own greediness, I have learned my lesson in 2018 where I always blindly gamble my money away through online gambling platforms, I've lost a lot and I broke the addiction later, I forget about everything and stop gambling, now I only use very small amount of money and I never dreamed of winning big, it's more fun and winning for me now.

[klidex]

And these rich people really know how to use gambling to get entertainment and can also spend their time well. Rich people will play with other rich people, and from there, they can get new business partners that they can invite to build a business again. While most people gamble to make money, rich people gamble to get business opportunities from their other partners.

Indeed, some rich people use gambling as a means for them to meet and get a business partner, but only a few and not all of them are like that.
There are also rich people who gamble with the aim of being able to make a profit and multiply their money.
However, from some of my experience while in the world of gambling, it is true that people who have excess wealth will use gambling as a field to be able to multiply their money and enrich themselves. In fact, almost every time they have time to gamble, they will continue to gamble until they really get what they have. they want.

These rich people will have their own goals for why they use gambling. And if meeting and finding business partners can get them a new project or deal, they will use it with other business partners. But if those rich people use gambling to multiply their wealth by playing many gambling games, it would not be advisable because, after all, gambling games will eat up their wealth until nothing is left. They had better find other ways to double their wealth. Only a few people can enrich themselves by gambling, while others will only lose a lot.

They multiplied their money in gambling, also not in all games, but only in certain games such as poker, and even then the rich people joined them, all of whom already knew each other or had already become their business partners, so they would be even more daring in risking money.
It is true that only a few people can enrich themselves by gambling but there are also many people who can make a living from the gambling industry.
So that gambling is also beneficial for some people who can really take advantage of it.

[iv4n]

I don't want to believe that this person bet all he has on a game even if they are sure of it's out come, maybe this person is a Billionaire? You can't be struggling in life and using 1.4 million USD to gamble, if this person is not a billionaire then he is a victim of his own greediness, I have learned my lesson in 2018 where I always blindly gamble my money away through online gambling platforms, I've lost a lot and I broke the addiction later, I forget about everything and stop gambling, now I only use very small amount of money and I never dreamed of winning big, it's more fun and winning for me now.

Well, Darren Rovell is not a billionaire, as I read he is a millionaire, so this loss hurt him a lot for sure. He is a victim of his own greediness, but also of his own stupidity... he risked a million and a half dollars to earn $10k. I believe he learned a lesson, there is no safe bet in gambling, so don't risk too much, it can turn ugly in minutes.